I like using DHCP with MAC-reserved addresses for servers. It keeps all the information in one place, and you don't have to worry about forgetting a setting...
I think what Mike was asking was if the local SME NIC can get an IP via DHCP. I know you can set the external NIC for DHCP via the ISP, but can you do it for the local side? I don't recall anything in the user-friendly setup stuff for it... How would you go about doing that?